Hacking News
Mafia Bank Network Washes Money Through Crypto Exchanges
Italian police have busted a criminal organization running an underground bank out of a car-rental firm in Pero, near Milan. The network laundered €21 million in cash, bank balances, and crypto, including €68 million moved abroad. Investigators found fake invoices issued by shell companies to real companies, which allowed the network to receive cash and then return it with a commission. The criminal organization also laundered money from drug deals and online crypto investment scams. The network used exchanges to move funds, leading to increased scrutiny and potential tightening of compliance checks on fiat-to-crypto flows from shell accounts.